Crypto Analyst: Prepare for 40% Bitcoin Retracement – Plus Ethereum, Ripple and XRP, Stellar, Cardano, VeChain
From a warning on Bitcoin’s wild swings to new adoption for Ethereum and VeChain, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Senior eToro market analyst Mati Greenspan says crypto traders should prepare for Bitcoin to pull back by as much as 40% in the current rally.
In a new interview with BlockTV, Greenspan says wild swings come with the crypto territory.
“We’ve seen this market cycle play out before where we see huge surges and then massive retracements like we saw in 2018. And now, speculation is rising that we’re going to see another really huge surge. And if that’s the case, what we’re seeing now is still small potatoes.
Even within the hottest bull markets we’ve ever seen, sometimes there are massive retracements. We’ve seen bull market retracements of 20%, 30% and even 40% before. So it wouldn’t surprise me to come back and see a test of that $10,000 or even $9,000 level. What tends to happen is that when traders get really bullish, they go and take on more and more risk. And when they do that, they run the risk of getting stopped out, basically. And that type of situation can create a chain reaction where in an instant you see a 10%, 20% pullback.”
Ethereum
Opera has released its new web 3.0 browser with built-in support for Ethereum on the iPhone.
The browser includes an Ethereum wallet that supports all ERC20 tokens.
For the first time ever, iOS users can start using Web 3 applications and manage their #Crypto directly in their browsers. Get Opera Touch for iOS here: https://t.co/WV0UjE3pgf pic.twitter.com/E0nQipJevr
— Opera (@opera) June 26, 2019
Ripple and XRP
Ripple has reportedly signed a deal with the blockchain analysis company Coinfirm.
The deal could ensure that the second largest cryptocurrency by market cap complies with new regulatory guidelines from the Financial Action Task Force (FATF), reports Forbes.
Coinfirm says it can identify whether an address is owned by an exchange that doesn’t verify its customers and determines whether an address was created in a “high risk” country. Once Coinfirm analyzes an address, it grades the likelihood that it has been involved in money laundering on a scale of 0 to 99.
Stellar
The nonprofit behind the 12th largest cryptocurrency Stellar is looking for three new engineers to join the team, all based in San Francisco.
The Stellar Development Foundation says it’s hiring a new platform engineer, senior core engineer and senior platform engineer.
Cardano
Cardano’s commercial development branch Emurgo has released a new overview on how the Cardano blockchain differs from other platforms in the space, including Bitcoin.
“Within Bitcoin, the people with the power to keep the ledger updated are the bitcoin miners. Once Cardano is fully decentralized, the people with the power to keep the ledger updated are those who have a stake in the system. This means that anyone who owns ADA (Cardano’s native cryptocurrency) can help keep Cardano decentralized.”
You can check out the full piece here.
VeChain
Walmart China says it’s using the VeChainThor blockchain to track the origin and freshness of products in its stores. A video that appears to show the food safety technology in action was posted on Twitter, and caught fire on Reddit.
Look at all of those products on the blockchain! Credit to Yumao for the video!
No wonder we're burning so much $VTHO!!! #Walmart #VeChain $VET $VTHO pic.twitter.com/lH6Get4ReT
— DontShowMeTheMemelines (@DMemelines) June 26, 2019
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